Social Security retirees typically receive a Cost of Living Adjustment (COLA) most years to align their benefits with inflation. These adjustments are vital for retirees who rely heavily on Social Security for income, especially as inflation has risen due to pandemic-related supply chain issues. While the 2026 COLA calculation is forthcoming, official announcements regarding benefit raises occur every October. Recent years have seen larger adjustments, particularly an 8.7% increase in 2023, underscoring the importance of COLAs for maintaining retirees' financial stability.
Most retirees depend on Social Security for at least a good portion of their monthly income. That's why it is so essential for seniors to follow the news on Cost of Living Adjustments or COLAs. COLAs help retirees keep pace with rising costs, which has been especially important in recent years as inflation has surged due to lingering issues from the pandemic.
Cost of Living Adjustments don't happen every year, but they do happen most years, and without them, retirees who count on Social Security would be in a pretty bad financial situation as the value of their benefits would erode over time.
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